97% of Jobs Fail to Keep Pace with Rising Costs, Salaries Expected to Drop Further by 2028

Inflation rates may have slowed down recently, but the damage to Americans’ purchasing power is already done, impacting nearly everyone regardless of income or industry. A recent Moneywise investigation reveals that an astonishing 97% of jobs have not kept up with inflation over the past five years, with salaries projected to decline even further by 2028.

According to data from the Bureau of Labor Statistics (BLS), the Federal Housing Finance Agency (FHFA), and Redfin, average salaries have fallen by 8.2% since 2019 when adjusted for inflation. Some of the hardest-hit sectors include conservation scientists and foresters, who have seen their pay drop by over 21%.

Top Industries Where Salaries Have Fallen the Most:

Sales:
Sales professionals across various industries, from insurance to manufacturing, have experienced a significant pay cut. Over the past five years, salaries in this sector have decreased by an average of 11.78%. Sales managers, securities, commodities, and financial services sales agents have been hit particularly hard, with earnings expected to decline further, dropping from a median of $135,160 in 2023 to $119,333 by 2028.
Real Estate:
Despite a 56% increase in home prices over the last five years, those managing the properties haven’t seen similar gains. Real estate professionals, including property managers, appraisers, and assessors, have faced salary declines of over 13%. Realtor commissions have also plummeted, falling from a peak of $84,355 in January 2021 to just $56,632 in April 2023, with further drops expected.
Engineering:
Engineers, who often command salaries above $100,000, have also been affected by the economic downturn. Bioengineers and biomedical engineers, in particular, have seen their pay drop by 17%, with many others experiencing declines of over 10%. The tech industry has been especially volatile, with significant layoffs at major companies like Google and Amazon contributing to a decrease in salaries.

As inflation and economic uncertainty continue to weigh heavily on the job market, the outlook for many professionals remains bleak, with salaries expected to shrink even more in the coming years, the Moneywise report forecasts.